Collective Mining Makes a Significant New Discovery at the Apollo Target by Drilling 87.8 Metres at 2.49 g/t Gold Equivalent
Collective Mining Makes a Significant New Discovery at the Apollo Target by Drilling 87.8
Metres at 2.49 g/t Gold Equivalent
Toronto, Ontario, June 22, 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is excited to announce the discovery of a new high-g rade copper-gold-silver porphyry-
related breccia at the Guayabales project, located in Caldas, Colombia. APC-1, which is the first ever
diamond drill hole to test the Apollo target (“Apollo”), was collared approximately 600 metres southeast
of the previously announced Olympu s discovery hole that assayed 302 metres @ 1.11 g/t gold
equivalent (see release dated March 15, 2022). Apollo is one of eight porphyry-related targets situated
within a three-by-four-kilometre cluster area generated by the Company through grassroots
exploration. As part of its fully funded 20,000 metre drill pr ogram for 2022, there are currently three
diamond drill rigs operating at Guayabales, with two turning at Apollo and one turning at the Trap
target.
Highlights (See Figures 1 – 4)
APC-1, intercepted the mineraliz ed breccia from 291.6 metres downhole (170 metres vertical)
with results as follows:
87.8 metres @ 2.49 g/t AuEq including:
10.9 metres @ 4.55 g/t AuEq from 291.6 metres down hole; and
14.3 metres @ 3.67 g/t AuEq from 352 metres down hole
Mineralization is remarkably cont inuous along the axis of the d iscovery intercept and
is hosted within a breccia sulphide matrix consisting of chalco pyrite (Cu) and pyrite.
Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix
in various locations along the mineralized interval in APC-1 wi th visible sphalerite (Zn) and
Galena (Pb) observed. The brecci a clasts are all quartz diorite in composition and this
hydrothermal system is clearly linked to a porphyry system.
APC-1 was drilled to the south from Pad 1 on the northern fringe of an 800 metre X 700
metre target area as defined by rock sampling, soil geochemistry and geology mapping.
Apollo remains open to the east, west, south and at depth for further expansion. Due to
the size of the target area at Apollo, the Company has completed the construction of two
additional drill pads. Drill holes APC-1W and APC-2 have already been completed with APC-
3 and APC-4 currently underway. Future assay results for Apollo will be reported in batch
format once received and interpreted by the Company.
The Apollo target area consists of newly generated porphyry an d porphyry related targets with
coincidental high-grade copper and molybdenum soil anomalies in places measuring
greater than 500 parts per milli on (“ppm”) in copper and 30 ppm in molybdenum .
Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops
with numerous rock samples assaying greater than 3 g/t gold.
Apollo is road accessible all year-round and is situated within an elevation range of 1,800
to 2,000 metres above sea level. Additionally, an electrical substation is located less than
one kilometre from the target area.
“The discovery at Apollo opens a new and very exciting front for the Company. Firstly, it is the
first time that the Company has d iscovered a significant amount of copper. Secondly, large
mineralized systems generally have multiple styles of overprint ing mineralization and in the
case of Apollo, we have already observed three different minera lization types, namely two
types of porphyry related CBM veins and of course the mineralized breccia. Our technical team
also believes that the Apollo discovery may be the first in a s eries of porphyry and breccia
discoveries at the Apollo target,” commented Ari Sussman, Execu tive Chairman. “With a
second rig recently commissioned and now coring, we have made the decision to soon add a
third rig to the program in order to aggressively unlock the potential value of this discovery.”
Table 1: Assays Results
HoleID From
(m)
To
(m)
Intercept
(m)**
Au
(g/t)
Ag
(g/t)
Cu
%
Zn
%
Pb
%
Mo % AuEq
(g/t)*
APC-1 291.60 379.40 87.80 0.88 61 0.39 0.07 0.05 0.001 2.49
Incl 291.60 302.50 10.90 1.03 156 0.58 0.34 0.26 0.001 4.55
and 352.00 366.30 14.30 2.41 28 0.50 0.02 0.00 0.001 3.67
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86
x 0.95+(Zn(%)x 0.80 x 0.95)+ (Pb(%)x 0.45 x 0.95) utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn –
US$1.75/lb, Pb – US$1.0/lb, Ag – $21/oz and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and
Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and
grades are uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets,
their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3: Plan View of the Hydrothermal Breccia Discovery Made at Apollo
Figure 4: Apollo Target Cross Section N-S With APC-1 and Related Core Photos Highlighted
About Collective Mining Ltd.
To see our latest corporate presentation, please visit www.collectivemining.com
Collective Mining is an explorat ion and development company foc used on identifying and exploring
prospective mineral projects in South America. Founded by the t eam that developed and sold
Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the
Company is to repeat its past success in Colombia by making significant new mineral discoveries and
advance the projects to produc tion. Management, insiders and cl ose family and friends own nearly
45% of the outstanding shares of the Company and as a result, a re fully aligned with shareholders.
Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia.
As a result of an aggressive exploration program on both the Gu ayabales and San Antonio projects,
a total of eight major targe ts have been defined. The Company i s fortuitous to have made significant
grassroot discoveries at both projects with near-surface discov ery holes at the Guayabales project
yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut
target and 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company
intersected, from surface, 710 metres at 0.53 AuEq. ( See press releases dated October 27 th, 2021,
November 15, 2021, March 15, 2022 and June 28, 2022 for AuEq calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Q ualified Person for this new s release within the meaning of
National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information
contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc
in Economic Geology and is a Fello w of the Institute of Materia ls, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS la boratory facilities in Medellin,
Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the
sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a
secured storage facility for futu re assay verification. No capp ing has been applied to sample
composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certa in forward-looking statements, including, but not limited to,
statements about the drill programs, including timing of results, and Collective’s future and intentions.
Wherever possible, words such as “may”, “will”, “should”, “coul d”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” o r the negative or other variations of these
words, or similar words or phr ases, have been used to identify these forward-looking statements.
These statements reflect managemen t’s current beliefs and are b ased on information currently
available to management as at the date hereof.
Forward-looking statements invol ve significant risk, uncertaint ies, and assumptions. Many factors
could cause actual r esults, performance, or achievements to dif fer materially from the results
discussed or implied in the forward-looking statements. These factors should be considered carefully,
and readers should not place undue reliance on the forward-looking statements. Although the forward-
looking statements contained in this news release are based upo n what management believes to be
reasonable assumptions, Collective cannot assure readers that a ctual results will be consistent with
these forward-looking statements. These forward-looking statements are made as of the date of this
news release, and Collective assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law.
Neither the TSXV nor its Regulati on Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this news release.